Maxwell To Pay $3.3M To Settle Suit Over Accounting Flubs

Law360, New York (October 17, 2014, 5:35 PM EDT) -- A pension fund that filed a consolidated shareholder suit against Maxwell Technologies Inc. asked a California federal judge on Friday to approve a $3.3 million settlement over alleged accounting deficiencies that led Maxwell to revise its earnings downward by about $13 million for almost two years.

After an unsuccessful bid by Maxwell to have the suit thrown out this summer, the company and lead plaintiff, the Employees’ Pension Plan of the City of Clearwater, reached the $3.3 million agreement, and on Friday asked the court to approve the settlement, certify a settlement class and dismiss the case.

“[Maxwell and the pension...

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